Ubco revived with backing from Kiwi investors

Electric motorcycle maker Ubco has been rescued from receivership by a consortium of investors, including three prominent New Zealand rich-lister families and its largest former shareholder, Jubilee Investments.

The Mount Maunganui-based company went into receivership in January owing $35.7 million. Now restructured under a new entity called Utility Fleet Vehicles, it has resumed operations with a leaner team and revised strategy focused on fleet sales and defence applications, the NZ Herald reports.

The new ownership includes Sir Stephen Tindall (via K1W1), Peter Goodfellow (Avalon Asset Management), and the Holdsworth family (Evander Management), who collectively now hold a majority stake. Jubilee remains a significant shareholder with a 39% stake.

Ubco’s Australian arm and New Zealand finance subsidiaries — neither of which were placed into receivership — are also part of the new arrangement. The company’s 21 retained staff will remain at its Mount Maunganui base, with Taiwan’s TPK confirmed to continue as contract manufacturer. Oliver Hutaff has returned as chief executive.

The company is shifting focus away from global retail expansion toward commercial fleet and utility markets. Australia Post remains a key customer, with potential new contracts in Europe and the US, the Herald reports.

Receiver Stephen Keen of Grant Thornton told the NZ Herald the business was sold through an asset sale process. Details will be disclosed in a second receiver’s report due in late September.